LIV Golf files Chapter 11 bankruptcy in New Jersey, securing $49.6 million loan from Saudi PIF
The professional golf league has petitioned courts to restructure its debts using funds from its parent organization, while top players remain unpaid creditors.
LIV Golf filed a Chapter 11 bankruptcy petition with U.S. courts in New Jersey on Tuesday. The company intends to restructure its finances through a restructuring plan that includes a $49.6 million loan from the Public Investment Fund (PIF). This fund belongs to Saudi Arabia and currently owns 100% of LIV Golf's equity. The PIF has invested over $5 billion in the league since 2022. Prior to this filing, the PIF stated it would stop further funding once the 2026 season concluded. In its petition, LIV Golf listed liabilities ranging from $500 million to $1 billion and assets estimated between $100 million and $500 million. The league cited the need for a new backer, BC Partners Advisors L.P., to move forward with operations. Three of the league's top unsecured creditors are professional golfers: Jon Rahm, Bryson DeChambeau, and Dustin Johnson. The petition states each player is owed more than $5 million in payments.
